Bloomberg Report Suggests Dems Will Federally Decriminalize Cannabis Next Week – We’ll Believe It When We See It !

Predictably it has sent cannabis stocks into a frenzy of excitement!

A bill that would decriminalize marijuana at the federal level could be announced by Senate Democrats as early as next week, a source familiar with the matter told Bloomberg. 

The measure is reported to have been worked on by Majority Leader Chuck Schumer, along with Senators Cory Booker and Ron Wyden. A draft of the bill had previously been released to Senate committees for feedback. 

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Whether it has a chance of surviving the Senate with a simple majority is unknown. But cannabis stocks have since soared after news of the bill’s possible introduction next week was revealed. 

Shares of Tilray Brands, a global pharmaceutical, cannabis-lifestyle, and consumer packaged goods company, jumped almost 14%. Investors are also diving into Canadian producers Canopy Growth (up 11%) and Aurora Cannabis (up 11%).

Cronos Group, a company focused on cannabis technology and product development, saw a positive shift as well, with its stock rising almost 4% today. 

Source: https://fortune.com/2022/07/14/pot-stocks-soar-senate-bill/

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